- Push-out Score determined
- After about five years in the position
- Praise for Mariotti
- Andrew Perlmutter taking over
- Mariotti will remain as Chief Creative Officer at Funko
- Mariotti said 102 words
(exechange) — Everett, Washington, August 5, 2021 — Brian Mariotti, chief executive of Funko, leaves his position. As announced by Funko Inc. in a news release and in a regulatory filing published on Thursday, August 5, 2021, Brian Mariotti leaves his post as chief executive officer at the pop culture consumer products company after about five years in the role, effective January 3, 2022.
Brian Mariotti’s duties as CEO will be taken over by Andrew Perlmutter, currently President at Funko Inc.
“Positioning the company to deliver long-term growth and shareholder value”
Funko did not give an explicit reason for Brian Mariotti’s departure from the CEO post. Funko said: “Funko, Inc. (“Funko,” or the “Company”) (Nasdaq: FNKO), a leading pop culture consumer products company, today announced its executive leadership transition plan, designed to maintain Funko’s signature creative leadership, while positioning the company to deliver long-term growth and shareholder value.”
Mariotti will remain as Chief Creative Officer at Funko
“Pursuant to the transition plan, Andrew Perlmutter, President, is expected to be appointed Chief Executive Officer (“CEO”), and Brian Mariotti, Funko’s CEO, is expected to transition to the newly created role of Chief Creative Officer (“CCO”), and continue to serve as a member of the Board of Directors. The leadership changes are expected to be effective January 3, 2022 and will enable a phased transition period that allows both leaders to uniquely contribute to the next phase of Funko’s growth. As CCO, Mr. Mariotti will be able to concentrate more fully on the creative decisions that remain central to Funko’s success. His creative oversight will include product innovation, fan engagement, business development, M&A and Funko’s Digital Pop! product line,” Funko said.
Share price increase since August 2018
The announcement follows an increase in Funko Inc.’s share price of 17% since August 2018.
In the position of CEO since 2017
Brian Mariotti became CEO of the Company in 2017.
Brian Mariotti has served as Funko, Inc.’s Chief Executive Officer and as a member of Funko, Inc.’s Board of Directors since its formation in April 2017, as the Chief Executive Officer of FAH, LLC and as a member of FAH, LLC’s board of directors since October 2015, and as Chief Executive Officer of Funko Holdings LLC (“FHL”) and as a member of FHL’s board of directors since May 2013.
Mariotti has also served as Chief Executive Officer of Funko, LLC since he acquired the business with a small group of investors in 2005.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Brian Mariotti’s move on a scale of 0 to 10.
exechange reached out to Funko and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2021 ($).